September, 2023
The Robeco Emerging Conservative Equities Fund (AUD) – Class A (the ‘Fund’) returned 3.39% (net) for the quarter, outperforming the MSCI Emerging Markets NR Index (AUD unhedged) return of 0.12% by 3.27%. The Fund also outperformed the Minimum Volatility Index by a similar margin.
Emerging market stocks moved sidewise over the full quarter but took a hit in September. In this environment, the Fund benefited from its defensive positioning. All performance drivers contributed positively in third quarter, particularly the portfolio’s preference for low-risk and attractively valued (high-income) stocks.
File: https://commentary.quantreports.net/wp-content/uploads/2020/12/Robeco-EC-A-Monthly-Report-2.pdfAugust, 2023
File: https://commentary.quantreports.net/wp-content/uploads/2020/12/Robeco-EC-A-Monthly-Report-1.pdfJuly, 2023
The Fund aims to achieve capital growth equal to, or greater than the Benchmark with
lower volatility over the long-term.
October, 2022
Based on net of fees prices, the fund's return was 1.15%. The fund outperformed the market last month. The main positive contributions were the very limited exposure to Asian tech and platform stocks such as Alibaba, Tencent and Taiwan Semi, and holdings in defensive stocks such as Walmart de Mexico, Arca Continental (Mexico), Jarir Marketing (Saudi Arabia) and Maybank (Malaysia). From a factor perspective, all factors contributed positively, especially the low-risk factor.
File: https://commentary.quantreports.net/wp-content/uploads/2020/12/docu-factsheet-robeco-emerging-conservative-equity-fund-aud-10.pdfSeptember, 2022
Based on net of fees prices, the fund's rettrn was-0.85%. The Fund outperfamed the market last month. Man positive contributions were the very limited emposure to Asian tech and platform stocks such as Alibaba, Tencent and Taiwan Semi, and holdings in defensive sloth such as Wat Mart de Mexico, ArcaContinental (Mexico), lam Marketing (Saudi Arabia) and Maybank (Malaysia). From a factor perspective, all factors contributed positively, especially the lownsk factor.
File: https://commentary.quantreports.net/wp-content/uploads/2020/12/docu-factsheet-robeco-emerging-conservative-equity-fund-aud-9.pdfAugust, 2022
Based on net of fees prices, the funds rem was1.06%. The fund lagged the market because of speak stock selection effects, most notably through holding Orient Overseas (Chinese industrial) and WaRtart de Mexico, while not holding wellpertorneng Rnduoduo and Tencent. Main positive contributions carnelian the underweight in Taiwan Semi and from holding Turknh discounter BIM. From a factor perspective, lowink and value detracted whole momentum had a positive impact.
File: https://commentary.quantreports.net/wp-content/uploads/2020/12/docu-factsheet-robeco-emerging-conservative-equity-fund-aud-8.pdfJuly, 2022
The fund pecf armed better than the market index, as we evaded the large declines for Chinese tech stocks such as Alsbaba, Tencent and Meituan. Moreover, holding Chinese industrial Orient Overseas, Saudi Arabian Minma Bank and Taiwanese IT company liteCn contributed positively. The main detractor was the underweight in Taiwan Semi, as the chip giant released strong earnings and positive guidance. Frame factor perspective, lownsk and momentum contributed positrvely, wfideralue detracted from performance.
File: https://commentary.quantreports.net/wp-content/uploads/2020/12/docu-factsheet-robeco-emerging-conservative-equity-fund-aud-1-5.pdfJune, 2022
The conservative egudies that the fund typically selects as part of its investment strategy underperformed the market last month. from a factor perspective, lowrisk contributed positively, but value and momentum detracted Iran performance. The main positive contribution came horn avoiding the weak performance of Taiwan Semi. Most other singlestcck effects were marginal compared to the abovementioned stocks.
File: https://commentary.quantreports.net/wp-content/uploads/2020/12/docu-factsheet-robeco-emerging-conservative-equity-fund-aud-7.pdfMarch, 2022
The conservative equities that the fund typically selects as part of its investment strategy outperformed the market last month. From a factor of perspective, the low-risk factor had the largest positive impact, while the combined impact of value and momentum was limited the strategy avoided the weak performance of the largest index weight Taiwan Semi, which contributed 0,44%positively to relative performance, Moreover, stock selection within Financials was positive.
File: https://commentary.quantreports.net/wp-content/uploads/2020/12/docu-factsheet-robeco-emerging-conservative-equity-fund-aud-6.pdfJanuary, 2022
The conservative equities that the fund typically selects as part of its investments strategy outperformed the market last month. Low-risk and momentum had a muted impact. The main contributors on a single - stock level were Chinese banks such as Bank of Communications Agricultural Bank of China and Bank of China. Moreover, Holiding Chinese energy giant Sinopec aadded to relative performance.
File: https://commentary.quantreports.net/wp-content/uploads/2020/12/docu-factsheet-robeco-emerging-conservative-equity-fund-aud-1-4.pdfAugust, 2021
The conservative equities that the fund typically selects as part of its investment strategy outperformed the market last month. From a factor perspective, low-risk contributed positively, while Value and Momentum had a slightly negative impact. Positive effects came from avoiding the negative returns of Alibaba and Naspers. Contrarily, the underweight in Taiwan Semi and not holding Meituan had a negative impact. Outside of these stocks, most other single-stock effects were limited in August.
File: https://commentary.quantreports.net/wp-content/uploads/2020/12/docu-factsheet-robeco-emerging-conservative-equity-fund-aud-5.pdfJune, 2021
The conservative equities that the fund typically selects as part of its investments strategy lagged the market last month. From a factor perspective, Value and Low-risk contributed negatively, while Momentum had a modestly positive contribution. Negative contributions came from the main platform stocks which is showed a bounce back after several weak months. Robeco EM Conservative Equities is underweighting in these stocks due to their high volatility and demanding valuations Examples are NIO,Alibaba and Meituan Moreover, not holding Taiwanese marine stocks such as Evergreen Marine, Yang MingMarine and Wan Hai Lines contributed negatively.
File: https://commentary.quantreports.net/wp-content/uploads/2020/12/docu-factsheet-robeco-emerging-conservative-equity-fund-aud-4.pdfMay, 2021
The Realindex Australian Small Companies Fund returned +0.43% (net of fees) during May, outperforming the S&P/ASX Small Ordinaries benchmark which returned +0.27%.
Value stocks outperformed Growth stocks by 0.4% over the month (S&P Australia SmallCap Value +0.7% vs. Growth +0.3%). Over the past year, Value has outperformed Growth by 4.3%, and on a five year basis underperformed by 1.0% p.a.. The portfolio’s underweight allocation to the weak Information Technology sector was by far the largest contributor to performance. This came largely from stocks the portfolio is very underweight including EML Payments (-41.9%) and Nuix (-33.1%).
The portfolio benefitted from not holding several companies that are in the Small Ordinaries benchmark but are considered a ‘large’ company according to their accounting measures that define our portfolio construction. This includes Flight Centre (-9.1%), Nufarm (-7.3%) and Seven Group (-7.0%). Stock selection within Materials was the biggest sector detractor driven largely by the net underweight exposure to gold stocks (after the commodity gained over 8% over the month). Overweights to poor performing mining services companies, including Perenti (-38.5%) and OM Holdings (-18.9%) also detracted from relative performance.
File: https://commentary.quantreports.net/wp-content/uploads/2020/12/Realindex-Australian-Small-Companies-Fund-Class-A-Adviser-Flyer.pdfApril, 2021
The conservative equities that the fund typically selects as part of its investments strategy lagged the market last month From a factor perspective the low-risk factor detracted from performance, while value had a slightly positive impact. Positived contributions came from stock selection within the Consumer Discretionary sector, by avoiding the weak performance of JD.com, Napser and Meituan, while holding Jarir Marketing ( Saudi Arabia ) and Yum China. Negative contributions mainly came from holding IT stocks siucj as HCL, Infosys ( India ) and Chicony Electronics ( Taiwan )
File: https://commentary.quantreports.net/wp-content/uploads/2020/12/docu-factsheet-robeco-emerging-conservative-equity-fund-aud-3.pdfMarch, 2021
The conservative equities that the fund typically selects as part of its investment strategy outperformed the market last month. From a factor perspective, the low-risk factor and value factor had a positive impact on the relative performance, the momentum factor however contributed negatively to the relative performance. Main positive contributions came from holding low beta tech stocks such as ASUSTEK ( taiwan ), infosys and HCL india while avoiding the weak performance of chinese internet and tech stocks are trading at demanding valuations, we think its time for devensive stocks to take care stage again especially in more volatile periods
File: https://commentary.quantreports.net/wp-content/uploads/2020/12/docu-factsheet-robeco-emerging-conservative-equity-fund-aud-1-3.pdfFebruary, 2021
The conservative equities that the fund typically selects as part of its investment strategy, outperformed the market last month From a factor perspective, the value factor had a positive impact on the relatives' performance. The low-risk momentum factors contributed largely neutrally to the relative performance. The underweight in Chinese stocks, especially in lockdown such as Alibaba, Nio, Xiaomi, and Meituan, which experienced a setback in February, contributed positively. Moreover, our holding Taiwanese IT semiconductor United Microelectronics continues to contribute positively. The main detractor was not holding internet search engine giant Baidu, which experiences a renaissance since its announcement to invest in EV- related and cloud business, Please note that outperformance for the fund is not affected by fun holidays such as occurred on February 26 as the fund is priced using the closing prices underlying securities
File: https://commentary.quantreports.net/wp-content/uploads/2020/12/docu-factsheet-robeco-emerging-conservative-equity-fund-aud-1-2.pdfJanuary, 2021
The conservative equities that the fun typically selects as part of its investments strategy lagged the market last month. From a factor perspective, especially the low-risk factor detracted from performance. Moreover, the value factor had a negative impact. The negative effects can be explained by the significant underweight in well-performing index heavyweight such as Y Taiwan Semi, Tencent, Meituan and Alibaba
File: https://commentary.quantreports.net/wp-content/uploads/2020/12/docu-factsheet-robeco-emerging-conservative-equity-fund-aud-1-1.pdfDecember, 2020
The Conservative Equities that the fund typically selects as part of its investment strategy, lagged the market last month. From a factor perspective, the low-risk, value and momentum factor detracted from performance. Main negative contributors were stock selection effects within the IT sector (through holding Samsung Electronics, Taiwan Semiconductor, SK hynix, and not holding Baidu) and within financials (holding Agricultural Bank of China and Bank of China). The main positive contributor came from holding stocks as Alibaba, Tencent, and LG Electronics.
File: https://commentary.quantreports.net/wp-content/uploads/2020/12/docu-factsheet-robeco-emerging-conservative-equity-fund-aud-2.pdfNovember, 2020
The Conservative Equities that the Fund typically selects as part of its investment strategy lagged the market last month. From a factor perspective, the low-risk factor detracted, as value and momentum contributed positively. Main negative contributors were stock selection within the IT sector (through holding low-beta HCL Technologies, Asustek and Chicony Electronics whilst being underweight in index heavyweights Taiwan Semi and Samsung) and within Financials (not holding high-beta Russian, Indian and Brazilian banks, which have recovered some of their previous steep losses). Moreover, not holding the Chinese electric car maker NIO, which added 65% this month to its now YTD return of 1150%, detracted from relative performance. Main positive contributor was the underweight in China, as the country lagged the market last month, after a long period of outperformance.
File: https://commentary.quantreports.net/wp-content/uploads/2020/12/docu-factsheet-robeco-emerging-conservative-equity-fund-aud-1.pdfOctober, 2020
The conservative equities that the fund typically selects as part of its investment strategy, the fund lagged the market last month. From a factor perspective, especially the low-risk factor detracted fromperformance. Moreover, also value and momentum negatively impacted relative performance in October. Main negative contributors were due to the underweights in index heavyweights and internet platform stocks Tencent (October: +15%, YTD +60%, index weight 6.7%), Alibaba (+4%, +45%, 8.8%) and Meituan Dianping (+19%, +189%, 2.1%) as well as electric car company NIO (+44%, +715%, 0.5%). Moreover, holding Russian energy giant Lukoil, as oil prices dropped, as did industrials such as MISC (Malaysia) and China Lesso Group (China).
File: https://commentary.quantreports.net/wp-content/uploads/2020/12/docu-factsheet-robeco-emerging-conservative-equity-fund-aud.pdfticker: ETL0381AU
commentary_block: Array
factsheet_url:
Under “Most Recent Factsheet”
https://ironbarkam.com/funds/robeco-emerging-conservative-equity-fund-aud-class-a/
release_schedule: Monthly
fund_features:
Robeco Emerging Conservative Equities’ talented team, well-defined process and reliable performance pattern make this an appealing offering for investors.
- This fund uses an entirely quantitative-based approach, an area where Robeco has extensive experience. The strategy’s foundation rests on the academic work done by lead manager Pim van Vliet, who contributed to establish that investing in low-risk stocks leads to better risk-adjusted results.
- The time-tested quant model mainly seeks low-risk stocks, as measured by their volatility and distress metrics, but valuation and momentum factors are also incorporated.
- Overall, the model incorporates 30 variables before calculating a ranking for each stock in the emerging-markets universe.
- The portfolio comprises 200-300 stocks that primarily rank in the model’s top quintile; stocks are then sold when their model rankings fall to the bottom 40%.
manager_contact_details: Array
asset_class: Foreign Equity
asset_category: Emerging Markets
peer_benchmark: Foreign Equity - Emerging Markets Index
broad_market_index: World Emerging Markets Index
structure: Managed Fund